USDCAD possible sell zone!!USDCAD 4h, After NFP release USDCAD has changed it's uptrend to downtrend on the lower timeframe. As the price has broken down with a strong momentum, currently the price retracing to the previous resistance turned support. It is highly likely price will test the 20EMA on the 4h and will bounce off. Upon rejection a sell trade is high probable targeting monthly support level.
Usdcadshot
#USDCAD, New times?New Times - Following a rising trend that has been on the usdcad for many months, you can see in the graph above that a descending channel is created here.
The Stochastic is at the bottom of the daily graph which means we are heading for a fix but the trend will remain bearish.
Target: 1.2940
USDCAD LONG TERM SPECULATION | SHORT!It appears price is gaining momentum in anticipation of a rally to the downside from 1.33500 zone since it has found it difficult to break this area in the last 2 weeks.
Considering the present volatility in the USD currency, patience is pertinent as the price could break the 1.33500 zone up into the 1.5500 zone before the rally down.
However, price action monitoring is decisive here.
Lower time frame speculation coming up soon
USDCAD on RetracementFor the current being, i will be strongly sided towards Sell for the Downtrend. However the price is now on bullish and i assume that is retracement period is taking over. Line price of 1.3488 is the last area of resistance that if the price can break this price, i will assume that downtrend is no more valid and sideway will be taking over. I will avoid the trade for this pair initially until it show a clear sign of trending.
My entry was based on the breakout of SnR line, trendline and also spotting the divergence. For the candle formation i will wait for the bearish engulfing. For the SL, i will suggest to put it at the high price of bearish engulfing formation.